MGM/Mirage Corp has released a news item I found on www.bloomberg.comthat says that in an effort to get the MGM CityCenter strip condos it sold during the preconstruction stage of sales closed, the company will try to arrange for financing and will cut prices.
CLICK TO READ THE MGM CITYCENTER NEWS
Photo Below is of the Vdara Hotel-Condo Component
When will MGM/Mirage announce the rental program terms and details of the Vdara Hotel-Condo? Aside from pricing - these terms and conditions are sure to be a significant determining factor in the buyer's decision to proceed with a purchase. With MGM Signature studios selling at $150-$175k on the resale foreclosure market, and lavish corner 1 bedrooms selling at $250k-$325k - we wonder how far down in price CITYCENTER will go in an effort to be competitive with these MLS Foreclosure listings that are getting multiple offers in a day.
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Buyers are gobbling up these foreclosed condos just a block east of the strip while sale of TRUMP Tower condos are stagnant. Will MGM/Mirage Corp. take a look at Palms Place and Trump as a comparison and price their CityCenter Condos below that price level? The hotpoint for sales needs to be closer to MGM Signature levels in my opinion in order for buyers to step up to the plate and close. But if MGM/Mirage can arrange for financing, I expect the sales velocity could be good when coupled with significantly reduced prices.
Buyers will want to compare these prices with those of Panorama Tower III, just across the freeway - which is an elegant tower offering LOW HOA DUES of only 44 cents psf and breathtaking strip views. Prices on these stunning luxury condos close to the Las Vegas Strip have been slashed as well.
Panorama Tower III - Take a Tour
Looking for guidance in the purchase of a Las vegas condo on and near the strip? Looking ot take adavantage of the flurry of MGM Signature foreclosed condos that have been listed in the MLS?
Contact The Stark Team. 702 376-5220
June, beautiful pictures, love the angles. Great opportunity right here in my home town! :) Kate Ford